Bitcoin: no angel investors, only Faustian bargains

The Something Awful Forums > Main > General Bullshit > Bitcoin: no angel investors, only Faustian bargains

Crypto Cobain: Jun 17, 2018; by Reene

tak posted:

I wonder what would happen to the bagholders if someone were to cash out 1% of the "market cap" in a short time

Very little. Cheap coins for some lucky buyers for a few hours or days. Read this:

https://medium.com/max-exchange/lessons-learned-from-bitcoin-bearwhale-ca725cc60613

# ? May 1, 2020 00:24

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# ? Jun 13, 2024 06:17

Flowers for QAnon: May 20, 2019

FC, have you explained yet why you don�t actually hold bitcoins if they are so great? Your coin base buys are not bitcoins.

# ? May 1, 2020 00:29

Shumagorath: Jun 6, 2001

tak posted:

The miners must seize the means of block production of a thing supposedly resistant to seizure

Seriously though....

tak posted:

I wonder what would happen to the bagholders if someone were to cash out 1% of the "market cap" in a short time

The order book on most exchanges is so garbage it would probably have them getting filled at hilarious prices.

# ? May 1, 2020 00:37

Crypto Cobain: Jun 17, 2018; by Reene

Flowers for QAnon posted:

FC, have you explained yet why you don’t actually hold bitcoins if they are so great? Your coin base buys are not bitcoins.

I trust Coinbase at least as much as I trust my bank. It's good enough for me considering the small quantity of btc I currently have. If I had $10k+ in btc I'd store it in a cold wallet at a secure location.

https://www.reuters.com/article/us-china-gold-currency/shanghai-gold-boss-wants-super-sovereign-currency-for-post-crisis-times-idUSKCN22A1FY

quote:

SHANGHAI (Reuters) - The president of the Shanghai Gold Exchange (SGE) called for a new super-sovereign currency to offset the global dominance of the U.S. dollar, which he predicted would decline long term, while gold prices rally.

Concern has mounted among some market participants over the dollar-denominated system as the U.S. Federal Reserve cut interest rates to near-zero and embarked on unlimited quantitative easing to contain the economic damage of the coronavirus pandemic.

The measures have helped to drive gold prices to more than seven-year-highs this month, while the dollar has been range-bound. Wang Zhenying, who heads the world’s largest physical spot gold exchange, said in an interview the gold gains should be sustained, but ultimately a new kind of currency was needed.

“Future global trade needs a super-sovereign currency system under which no single country has the power to freeze the international assets of another country,” said Wang, who held senior roles at China’s central bank, which supervises the SGE.

Wang foresaw a decline in the U.S. currency, triggered by the Fed’s monetary policies.

“When the Fed turns on the liquidity tap, the U.S. dollar will, in theory, be in a long-term depreciatory trend,” he said, even though the panic of the current crisis could trigger a temporary scramble for the greenback.

His comments on a new global currency echo a previous proposal to reform the international monetary system during the 2008/09 global financial crisis.

Zhou Xiaochuan, former governor of the People’s Bank of China (PBOC), said that crisis and its spillover called for a super-sovereign reserve currency disconnected from individual nations.

Wang said the concept was still older. Indeed gold, one of the most ancient forms of money, falls into the category, but its supply is finite, limiting any role it can have in global trade.

The problem with the dollar-dominated monetary system, he said, was that it left countries vulnerable to potential U.S. sanctions and Washington’s power to freeze a nation’s international assets in the event of a dispute.

“It is a weapon for the U.S., but a source of insecurity for other countries,” Wang said.

“The currency the world ultimately chooses for global trade must not be one that gives someone privilege, while exposing others to insecurity.”

Wang, author of the book The Principle of Trading Economics, did not explain how the new currency could work, but said it must be adapted to a post-pandemic world, in which he said economic and political power would be more evenly spread.

“The global clout of the United States will reduce, while the status of the European Union and China will rise in global affairs,” he said.

Say it with me folks: "This is good for Bitcoin."

# ? May 1, 2020 00:44

Fur20: Nov 14, 2007; すご▞い！
君は働か░い
フ▙▓ズなんだね！

china complains about the us dollar being top dog and then proposes a chinese super currency

i'll admit that a global currency controlled by the most psychopathic dystopian panopticon civilization our world has ever seen, would in fact be good for getting people to adopt bitcoin. but lmao

# ? May 1, 2020 00:47

Crypto Cobain: Jun 17, 2018; by Reene

The White Dragon posted:

china complains about the us dollar being top dog and then proposes a chinese super currency

i'll admit that a global currency controlled by the most psychopathic dystopian panopticon civilization our world has ever seen, would in fact be good for getting people to adopt bitcoin. but lmao

# ? May 1, 2020 00:49

Shumagorath: Jun 6, 2001

Wang foresaw a decline in the U.S. currency, triggered by the Fed�s monetary policies, he said floating in a big tank of salt water generated from his government holding lots of USD-denominated debt then Chernobyling its way into a global recession that devalued it.

�Future global trade needs a super-sovereign currency system under which no single country has the power to freeze the international assets of another country,� said the rep of a government scared shitless about the market abandoning its manufacturing over lovely PPE and which in any just world would be under crippling sanction for genocide.

Shumagorath fucked around with this message at 01:12 on May 1, 2020

# ? May 1, 2020 00:49

Burt Sexual: Jan 26, 2006; by Jeffrey of YOSPOS; Switchblade Switcharoo

Gold bug decries fiat currency

# ? May 1, 2020 00:57

Splicer: Oct 16, 2006; from hell's heart I cast at thee
🧙🐀🧹🌙🪄🐸